IBM, Comcast Sponsor Blockchain Startup Fund

IBM and Comcast’s venture arm is backing an investment fund known as MState, which is designed for startups assisting corporations in the use of cryptocurrency ledger blockchain, Bloomberg reports.

Over the next six months, MState will invest between $25,000 and $50,000 each into five to six companies, co-founder Rob Bailey told Bloomberg.

According to a Juniper Research survey, nearly six in 10 large corporations are considering blockchain, Bloomberg reports.

Blockdaemon, the first MState-invested startup, deploys and manages network nodes for companies in order for them to access blockchain applications at a quicker pace.

The fund will also connect startups with Fortune 500 clients, Bailey noted.

“There’s a massive opportunity in Fortune 500 companies,” he said. “They don’t know which companies to work with.”

MState startups will be funded by Comcast Ventures. Support will come from IBM.

“In 2018, we will see a growing number of enterprise blockchain use cases go mainstream, from healthcare applications to government, supply chain and retail, to the real estate and transportation industries,” Bailey said in a statement.